Syndicate tanks

OUR BUREAU

Mumbai, Aug. 4: Shares of Syndicate Bank slumped 7 per cent following the arrest of its chairman and managing director S. K. Jain.

The bank’s scrip ended 7.05 per cent lower at Rs 134.45 on the BSE. During the day, it tumbled 8.57 per cent to Rs 132.25. On the NSE, it plunged 6.65 per cent to close at Rs 134.70. The company’s market value fell Rs 940.78 crore to Rs 8,093.22 crore.

Shares of Bhushan Steel and Prakash Industries also witnessed a severe drubbing, plunging 3.49 per cent and 19.96 per cent, respectively, on the BSE.

The CBI has also filed cases against the CMD and directors of Bhushan Steel and Prakash Industries in the bribery case.